News
Conservatives in fight over tax avoidance legislation
05 June, 2009
In a parliamentary battle over retrospective taxation the Conservatives challenged parts of the government’s finance bill which contained plans to shut down a tax avoidance scheme used by hedge fund managers to extinguish tax liabilities.
The Financial Times reported that the proposal was to be backdated to 1 January 2009, which was when the Treasury first made the announcement. However this would trap a group of wealthy people who made use of the scheme and who would find that they now had to pay tax.
Entrepreneurs, financiers and property specialists who normally pay up to £50,000 to reduce tax on income of £1m were among the Hedge fund clients who used the scheme.
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